Lebanon crisis, Moroccan growth, UAE insolvency law

Lebanon’s government should meet an FX debt repayment next week, but this will further drain the country’s FX reserves and pile further pressure on the dollar peg. Elsewhere, Morocco’s king appointed a new “growth czar” this week and reports that European and Japanese carmakers are eyeing investments in the country support our optimistic view on the economy’s long-run prospects. Finally, the passing of an insolvency law in the UAE adds to the evidence that the authorities are trying to fend off growing competition from the Gulf and ensure that the country remains an attractive destination for expatriate workers and international business.